A broker has raised its price target for shares in Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) in the wake of last month's £152.5 million fundraiser - cash that will be deployed on value-enhancing acquisition opportunities.
Reiterating its 'buy' advice, Panmure Liberum raises its valuation to 125p a share from 120p, noting: "Sirius will be the first to point out there is a lot of hard work ahead to deploy the new capital raised and deliver asset management-driven progression of the acquired rental income.
"However, the company’s excellent track record....and strong communication of its business model (active management, data-driven customer focussed approach) is clearly gaining traction with capital markets."
In early afternoon trading the stock was up 1% at 94.1p.